The Waddell Music TnLSt Reglstered charfty number SC1100954 Tn4Stees' Annual Report and Acc(nts Slxteen months ended 31 Marth 2022
The Waddell Muslc Trust Trustees, Amual Report and Accounts the slxteen months ended 31 March 2022 Tnstees: Clxrtart address: Governlwd thnent. Deed of Trust by the late Dr Ruth Waddell Re¢ruitment and appointment of tnLStees: The trustees are appointed to give a spectrum of knowledge of music teachlng relevant to the trust purposes and buslness skllls. The appointment of new trustees is by resolution of the present trustees. Charltable purpo$es.' To advance education in mLfjSiC by provlsion of facilities and assist the teaching of String instruments to young persons. Making facllitles available and assisting young rsOn5 to play together with primacy given to Edinburgh and South East Scotland but at discretion in the whole of Scotland. There Is a secondary purpose to extend the same to other than string instruments If the primary purposes do not give adequate employment of trust funds. Acthiltles In the flnal accounting perlod.. The totsl spent on charitable purposes was £8,300. Thls assisted young people to continue their muslcal studles and also helped a music school and two childrens, orchestras. Admlnistration costs were £1.617. During 2021, following disCU55ions and by a special meeting and ResolLrtion dated l November 2021 the Trustees agreed that the assets and activities of the Waddell Trust would be merged with the Hope Scott Trust. The malorlty of the Trust's investments were sold in early 2022 and the remaining cash balances totalling £80.117. plus two b1kS of shares dIUed at £7,382, transferred to Murray Asset Management, which mana8es the Hope Scott Trust investments. Tru5tees' remuneratlon and expenses: No payments a made for Se[ce as a twstee. Flnal A¢¢ixMrtIwd Perlod: The Trustees resolved to extend the Trust's final accounting period to accommodate the sale of its investments and the transfer of the resultlng funds, plus two blocks of shares to Murray Investment Management at valuation. The sale of investments and transfer of funds was achleved In February and March 2022 and a final loss on disposal/tran5fer recorded totalling £8.292. Accordingly the Trustees agreed by decision on 11 April 2022 that the f inal accounting period should be for sixteen months ended on 31 March 2022. Approved by the trustees and signed on their behalf: Chairtnan of Trustees 12 May 2022 Page I
The Waddell 1¢ Trust Recelpts and Payments Account forthe slxteen mwths ended 31 Marth 2022 RECEIPTS Curnt account Investment income Total Current Account Reipts Capitsl Account Sale of investments 2020 (year) 3,290 3,717 3,717 3,290 90,032 35,243 38,960 93,322 PAYMENTS In furtheran of Charitable Purposes Waddell Scholarship and bursaries 3,5C(J Open bursaries for Scho)l LeaNErs St Ma5 Music School 5(K) S(N) Grants, bursaries and contrlbutions to students 1.5iXI 3.250 Orchestra5 and Schools Waddell Orthestra Diana Catherine Tuition fees 2,LN)O 2,800 6,550 2,800 8.300 Totsl payments for charitsble purp)ses for Admlnlstratlon and Governance Investment portfollo fees and bank charges Total current attount payments 1,607 9,907 1,200 7,750 Capital A¢¢ount Purchase of Investments 5,927 31.335 39,085 11251 15,834 77,488 5urplus1lDeficit) for year Page 2
The Waddell MLLSi¢ Trust Statement of Funds as at 31 March 2022 3N0¥-20 Bank and cash in hand Investments at Market Value Total funds - all unrestricted 2,629 IIX),237 102,866 Bank and cash In hand- movement In year Opening balan5 2.629 2,754 Receipts - Current Account Receipts - Capital Account 3.290 90.032 3.717 35,243 38,960 93,322 Les5'. Payments - Current Account PanentS - Capital Account 19,907) 15,927} 17,7501 131.3351 39,0851 11251 115,8341 Surplus/{deficit} for year Balance before final transfers to Murray Asset Management Balance transferred to Murray Asset Management aosing balancelsl at 31 March 2022130 November 20201 77,488 80.117 {80,1171 Investments - movement In year Opening balance at l December Purchase of investments Ipage 21 Sale of investments Ipage 21 Investments transferred to Murray Asset Management Realised and unrealised gains/llossesl a05ing balance at 31 March 2022130 November 20201 100,237 5,927 {90,0321 17,3821 18,2921 98,321 10,465 114,5901 6,041 100,237 Investments - holdlrgs summary UK bonds UK equities Global investments Property Total 16.897 53,013 25.344 4,983 100.237 Page 3
The Waddell Musi¢ Tntst (reglstsred charlty number SC0009541 Independent examlnerfs on the accounts Rep(Yt to the Trustees of The Waddell m1¢ Trt the accounts of the charlty for the slxteen mcxrths ended 31 March 2022 as set aut on pages I to 3 Resixtlve responslbllltles of trustees and examlner The charivs trustees are responsible for the preparation of the accounts in accordance with the temis of the Charities and Trustee Investment1Scotlandl Act 2015 and the Charities Accounts IS¢otland) Regulations 26. The charity trustees consider that the audit requirement of Regulation 10111 al to cl doe5 not apply. It is my responsibility to examlne the accounts as required under section Wll of the Art and to stste whether partlcular matters have come to my attention. Basis of independent examlnerfs ststement My examination is carried out In accordan wlth Regulation 11 of the Charities Accounts {Scotlandl Regulations 2CK)6. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or dlsclosures in the accounts and Seeks explanations fro the trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, eon5equently, I do not express an audit oplnlon on the accounts. IndepeNlent examiner's statement In the course of my examination. no matter has come to my attentlon whlch glves me reasonable cause to believe that in any material respect the requirement to keep accounting records in accordance with sectlon 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts whlch accord with the accounting CordS and comply with Regulation 9 of the 2006 Accounts Regulations. have not been met or to which, in my opinion, attention should be drawn in order to enable a proper understandlng of the accounts to be reached. Chartered Accountant 12 May 2022 Page 4